Ascent Resources to Sue Slovenia for €50m Over Delays to Gas Field Development

By , 29 Aug 2019, 14:14 PM Business
Ascent Resources to Sue Slovenia for €50m Over Delays to Gas Field Development Ascent Resource's logo

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STA, 29 August 2019 - The London-based oil and gas exploration company Ascent Resources will demand EUR 50 million in damages from Slovenia for delays in obtaining a permit to develop the Petišovci gas field in the north-east of the country, news portal Litigation Finance Journal reports.

As the British company said in a release on Tuesday, it is preparing "legal claims for damages against the persistent delays in permitting relating to the further development of the tight gas reservoirs in the Petišovci gas field".

Ascent also insists on its appeal against the decision of the Slovenian Environment Agency (ARSO) requiring an environmental impact assessment for the re-stimulation of its producing wells.

In March, ARSO decided that an environmental impact assessment will have to be made to establish whether gas extraction with hydraulic fracturing has no damaging effects on the environment.

"This is definitely a procedure which will change the physical reality of the environment," said ARSO's decision, which was also upheld by the Environment Ministry.

Ascent is also exploring possibilities to further develop the Petišovci gas field without hydraulic stimulation.

According to its press release, it is reprocessing the Petišovci 3D seismic survey acquired in 2008-2009.

It is currently interpreting preliminary data volumes in preparation for a full evaluation of the new seismic volumes, with the final data expected by mid-September.

Its CEO John Buggenhagen said the company planned to work with its partners in Slovenia to also increase production through new conventional drilling opportunities.

Ascent and its Slovenian partner Geoenergo are moreover working on documents to secure an extension of the concession for Petišovci, which is valid until 2022.

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